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Luxury real estate in central London post further increases, latest index shows
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London luxury real estate
Luxury real estate prices in central London jumped 17% in February from a year earlier, the biggest gain in almost two years, as more buyers competed for a dwindling number of properties, according to a new report.
Overall prices have now risen by 19% in the last 10 months and are now only 10% below the market peak in March 2008, the latest index from Knight Frank shows.
Prices in central London rose 3.2% in February, the strongest rate of growth in a single
month since August 2007 and in an increasing number of cases, larger houses in the £5 million plus bracket are now achieving prices at or above those achieved at the previous March 2008 peak.
‘The market recovery in London was kick-started in March last year by low interest rates and the weak pound which drew foreign buyers to the capital. There was a definite feeling that price falls in the year to March 2009, at 24%, had created good value in London and buyers began to bid prices higher,’ said Liam Bailey, head of residential research, Knight Frank.
Indeed, the report shows that foreign demand has led the market, with 45% of £2 million plus purchases going to non-UK buyers over the past 12 months. New-build properties along the river and into Canary Wharf have been attracting sales from Asian investors with Hong Kong buyers being joined by Singaporean, Malaysian and Thailand buyers. demand from Asian investor buyers has risen 120% since this time a year ago.
Prices in central London rose 3.2% in February, the strongest rate of growth in a single
month since August 2007 and in an increasing number of cases, larger houses in the £5 million plus bracket are now achieving prices at or above those achieved at the previous March 2008 peak.
‘The market recovery in London was kick-started in March last year by low interest rates and the weak pound which drew foreign buyers to the capital. There was a definite feeling that price falls in the year to March 2009, at 24%, had created good value in London and buyers began to bid prices higher,’ said Liam Bailey, head of residential research, Knight Frank.
Indeed, the report shows that foreign demand has led the market, with 45% of £2 million plus purchases going to non-UK buyers over the past 12 months. New-build properties along the river and into Canary Wharf have been attracting sales from Asian investors with Hong Kong buyers being joined by Singaporean, Malaysian and Thailand buyers. demand from Asian investor buyers has risen 120% since this time a year ago.
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